The finance chiefs of the United States, Japan and Korea warned over sharp fall in other currencies
LONDON – The dollar fell for a second day on Thursday after a rare warning by the finance chiefs of the United States, Japan and Korea over the sharp decline in other currencies, which in turn offered the yen some rare respite.
The upshot has been other currencies, particularly in Asia, have been battered. The yen has been pinned near 34-year lows, which has prompted several warnings from Japanese authorities as traders fret about possible intervention. The Japanese currency strengthened to 153.96 to the dollar on Thursday, which nudged down 0.1% to 154.27, within sight of Tuesday's 34-year low of 154.79.
The yen has lost some 8.3% in value against the dollar in 2024, but it has fallen against other currencies as well, down nearly 5% against the euro and down almost 7% against the Chinese yuan.The euro, meanwhile, edged up 0.1% to $1.068, after Wednesday's 0.5% gain, pulling away from a five-month low touched on Tuesday. Sterling was last up 0.1% at $1.2467.
US economic activity expanded slightly from late February through early April and firms signalled they expect inflation pressure to hold steady, a Federal Reserve survey showed on Wednesday.
Rally Stalls After Rare FX Warning From Finance C
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